Kaskela Law LLC Announces Investigation of Plantronics, Inc. (PLT) on Behalf of Long-Term PLT Stockholders
Kaskela Law LLC is investigating Plantronics, Inc. (NYSE: PLT) on behalf of its stockholders regarding potential violations of securities laws and breaches of fiduciary duties by the board of directors. This investigation pertains to stockholders who acquired shares before August 7, 2018. A securities fraud complaint has also been filed, alleging that the company engaged in a channel stuffing scheme to mislead investors about the success of its acquisition of Polycom, Inc. These actions purportedly led to significant financial setbacks and market capitalization losses for investors.
- None.
- Securities fraud complaint filed against Plantronics, alleging an illicit channel stuffing scheme.
- Disclosures of sales integration issues and declining revenues caused shares to plummet.
- Loss of billions in market capitalization due to the company's actions.
PHILADELPHIA, Aug. 14, 2020 /PRNewswire/ --
Kaskela Law LLC announces that it is investigating Plantronics, Inc. ("Plantronics" or the "Company") (NYSE: PLT) on behalf of the company's stockholders. The investigation seeks to determine whether the members of Plantronics' board of directors violated the securities laws and/or breached their fiduciary duties to Plantronics and its stockholders.
Current Plantronics stockholders who purchased or acquired shares of the Company's stock prior to August 7, 2018 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (484) 258 - 1585, or online at http://kaskelalaw.com/case/plantronics-inc/, to discuss this investigation and their legal rights and options.
Recently a securities fraud complaint was filed against Plantronics in federal court on behalf of investors who purchased shares of the Company's stock between August 7, 2018 and November 5, 2019. According to the complaint, during that time period Plantronics and certain of the Company's senior executive officers engaged in an "illicit channel stuffing scheme designed to deceive investors into believing Plantronics' costly acquisition of audio video conferencing company, Polycom, Inc., had transformed the stagnant headset company into an overnight growth story."
The complaint further alleges that "[t]he truth about Defendants' fraud was revealed through a series of disclosures between June 18, 2019 and November 5, 2019, when the Company, unable to continue its channel-stuffing scheme, announced sales integration and channel consolidation issues, declining quarterly revenues, poor financial guidance and an outsized reduction of channel inventory. These disclosures caused Plantronics shares to plummet, erasing billions of dollars in market capitalization and causing investors to suffer substantial damages."
Current Plantronics stockholders who purchased or acquired shares of the Company's stock prior to August 7, 2018 are encouraged to contact Kaskela Law LLC to discuss this investigation and their legal rights and options. Kaskela Law LLC represents investors in securities fraud, corporate governance, and merger & acquisition litigation. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.
CONTACT:
D. Seamus Kaskela, Esq.
KASKELA LAW LLC
18 Campus Blvd., Suite 100
Newtown Square, PA 19073
(484) 258 - 1585
(888) 715-1740
www.kaskelalaw.com
skaskela@kaskelalaw.com
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SOURCE Kaskela Law LLC
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